Allspring Global Investments Holdings LLC Trims Stock Holdings in Kelly Services, Inc. (NASDAQ:KELYA)

Allspring Global Investments Holdings LLC cut its stake in shares of Kelly Services, Inc. (NASDAQ:KELYA - Free Report) by 69.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,087 shares of the business services provider's stock after selling 54,116 shares during the period. Allspring Global Investments Holdings LLC owned 0.07% of Kelly Services worth $317,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Parallel Advisors LLC increased its holdings in Kelly Services by 5,012.7% during the 1st quarter. Parallel Advisors LLC now owns 2,812 shares of the business services provider's stock worth $37,000 after purchasing an additional 2,757 shares during the period. Palouse Capital Management Inc. lifted its stake in Kelly Services by 33.6% in the first quarter. Palouse Capital Management Inc. now owns 10,944 shares of the business services provider's stock worth $144,000 after acquiring an additional 2,750 shares during the period. AXQ Capital LP purchased a new stake in Kelly Services in the fourth quarter worth about $154,000. Cetera Investment Advisers purchased a new position in shares of Kelly Services in the 4th quarter valued at $158,000. Finally, Federated Hermes Inc. increased its holdings in shares of Kelly Services by 9.6% in the 4th quarter. Federated Hermes Inc. now owns 12,240 shares of the business services provider's stock valued at $171,000 after acquiring an additional 1,076 shares during the period. 76.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on KELYA shares. Wall Street Zen downgraded shares of Kelly Services from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Barrington Research restated an "outperform" rating and set a $25.00 price objective on shares of Kelly Services in a report on Tuesday, May 20th.

Kelly Services Stock Performance

Shares of Kelly Services stock traded down $0.15 on Tuesday, hitting $12.19. The stock had a trading volume of 218,634 shares, compared to its average volume of 347,211. The stock has a market cap of $425.21 million, a price-to-earnings ratio of -20.31, a P/E/G ratio of 0.45 and a beta of 0.95. Kelly Services, Inc. has a 52-week low of $10.80 and a 52-week high of $23.81. The company's 50 day moving average price is $11.94 and its 200 day moving average price is $12.71. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.16.

Kelly Services (NASDAQ:KELYA - Get Free Report) last announced its earnings results on Thursday, May 8th. The business services provider reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.14). Kelly Services had a negative net margin of 0.46% and a positive return on equity of 6.13%. The company had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.16 billion. On average, research analysts anticipate that Kelly Services, Inc. will post 2.45 EPS for the current year.

Kelly Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Monday, May 19th were issued a $0.075 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.30 annualized dividend and a dividend yield of 2.46%. Kelly Services's dividend payout ratio is currently -50.00%.

About Kelly Services

Kelly Services, Inc, together with its subsidiaries, provides workforce solutions to various industries. The company operates through five segments: Professional & Industrial; Science, Engineering & Technology; Education; Outsourcing & Consulting; and International. The Professional & Industrial segment delivers staffing, outcome-based, and permanent placement services providing administrative, accounting, and finance; light industrial; contact center staffing; and other workforce solutions.